FOREWORD - MagicBricksproperty.magicbricks.com/.../delhincr-oct-dec-2016.pdf · of the real estate market. Magicbricks publishes the quarter-on-quarter inflation and deflation trends

FOREWORDDespite demonetization and its expected impact on real estate values in the Oct-Dec 2016 quarter, price decline was restricted to certain geographies and budgets. Prices dropped in only Noida, Gurgaon and Ghaziabad in the National Capital Region. Of the remaining 11 cities covered under PropIndex, prices remained stagnant in six cities. In cities like Greater Noida, Hyderabad, Thane, Bangalore and Navi Mumbai, prices went up by 0.5-2.5%.

Prices in the critical Rs 3,000-6,000 per sq.ft budget segment, which exists in 52% of the localities covered in the Propindex, remained largely stagnant. Prices in about 25% of localities in this price bracket remained stagnant, while localities with price decline were closely matched by localities with price increment. Prices of luxury property in the top six cities with significant stock, dropped by a marginal 0.7% in this quarter. This price decline in the luxury segment was witnessed across both ready-to-move and under-construction properties. This might work as a negative feedback and fresh supply in this segment is likely to be go down further. The average price of Ready-to-Move (RM) properties declined in 8 out of 14 cities this quarter. Pan-India, RM properties command a 7% premium over UC properties. With consumers preferring RM properties, the secondary markets are expected to become robust. This will keep the prices in the new launches under check.

While our survey of 14 key cities across the country points to a slowdown in the real estate activity, the price volatility has increased due to lack of liquidity, scaring away the potential homebuyers and sellers alike. The Manufacturing Purchasing Managers’ Index (PMI) has fallen to 49.6 in December from 52.3 in November, pointing to the first contraction the index in over a year. The quarterly GDP growth is also expected to be largely subdued in the October—December period.

With such upheavals, the Indian real estate sector has entered an uncharted territory, and the lack of market liquidity has made it extremely difficult to gauge the pricing in the market through conventional means. In such a scenario, a tool like PropIndex remains one of the few indicators, capable enough to peer through the fog. In these changing times, and more than ever, we would love to hear from you. Do write to us at [email protected] and share yours views on this report and how we could make PropIndex even better. Sudhir Pai

CEO, Magicbricks.com

METHODOLOGYRealistic price discovery has been the biggest problem area in the Indian real estate market. As consumers and industry struggle to arrive at a realistic benchmark pricing to assess the true value of their individual units, Magicbricks, as the largest repository of residential property listings, brings you the trusted Indian Apartment Price Index in a new and easy to use format. Mirroring the Indian Real Estate scenario, this price index presents an animated representation of the real estate market.

Magicbricks publishes the quarter-on-quarter inflation and deflation trends of the residential real estate prices in India. It collects real estate demand-supply data on a daily basis for more than 100 cities in India, of which, the fourteen top cities are selected for computing the National Property Price Index.

The National Property Price Index and its constituent indices are subjected to a series of stringent steps.

Each quarter, Magicbricks measures the individual property level price changes, which are then aggregated at the locality level. While comparing the average pricing figures for the current quarter and comparing with the previous one, quarterly price changes are calculated. These price changes are further aggregated at the city level and even further at an all-India level.

As the top receiver and aggregator of residential demand, Magicbricks’ data provides consumers with realistic benchmarks to the assess true property pricing. Where demand exceeds supply, consumers have no chance of negotiating values.

However, where demand is far lower than supply, buyers can look for more options and therefore, negotiate

pricing. If, on the other hand, you are a seller looking for benchmark pricing, you will effect the fastest sale if your asking values are close to the buyer’s paying power.

There are various co-relations of demand and the overall real estate market as well as its future potential. Not only is demand a preceding indicator to supply, it is also a fairly good indicator of actual transaction activity in the region.

We have aggregated the 14 cities covered under the report into various localities. While calculating the city level property pricing indicator, we have applied demand as weight to each locality. This weight is equal to the locality’s share of the demand being contributed to the city’s total demand. As a consequence, the locality receiving higher demand for residential units will be given a higher weightage. Following that, each city’s price movement is calculated by aggregating the price movements of individual localities, according to their individual weightages.

In terms of checks and balances towards making the data and analysis more robust and objective, we have made sure that superfluous information does not deviate the desired results. Hence, we have applied checks and balances at the locality level listing data collection and aggregation.

A statistical technique called “Inter-Quartile Range” (IQR) has been used to ensure that unintentional input deviations of house size and price figures, which may distort the actual value of the house and corrupt the analysis, are addressed. The technique aims to remove the outlier data sets, while securing the correct values.

The Interquartile Range technique works through measuring variability of each data set, while dividing the data set into quartiles. The technique measures the value of data points on the first and third quartiles of the data and calculates the difference between the two.

This range, called ‘IQR’, gives the effective extent of data set, while removing the first 25% and the last 25%. Subsequently, a test is applied to each of the values in the data set. If a particular data lies within an IQR of the first and third quartile values, then that data is considered part of the data set, otherwise not. The set of listing values of each locality are statistically cleaned.

Magicbricks, on an average, covers more than 500 localities for Tier-I cities of India. Yet for the sake of analysis, we take only those localities where the recipient demand is at least 0.05% of the city’s total demand. Only localities with at least 50 actively traded properties have been included in the analysis. Following that process, we shortlisted various localities which in some sense, impact the pricing dynamics of the city.

We then calculate the average prices of the city for the quarter, while applying demand weights to the average prices of each locality. These average prices at the city level are further aggregated to the final outcome of the ‘National Price Index’.

The difference in Under Construction and Ready-to-Move-in property has been assessed and included in the report. Rental yield and affordability too has been addressed for the top 10 localities by supply in every city. These are critical tools which well used can help with realistic price discovery.

GLOSSARY & DEFINITIONS1. City Property Index :This is a composite index which is a function of supply of properties as well as

the average capital appreciation/drop in various localities of the city in the quarter. The City Index is the weighted average of the average rate per square foot in that locality and the supply of properties from that locality. Localities with higher supply of properties will have a bigger impact on the Index.

2. Price trend basis budget segments: To better understand the city’s price trend, the localities have been divided into budget segments basis their capital value (Rs/sq ft). We have tracked the weighted average price for each budget segment for a 2+ year period from quarter ending September 2013 to quarter ending December 2016.

Subsequently, the movement of the localities in each price segment is mapped to derive respective short term and long term price change trends. The number of budget segments vary according to the city characteristics.

3. Zone wise distribution of localities: The various localities in the cities are all geographically divided into five key regions: Northern, Southern, Eastern, Western and Central. The localities are analyzed at the local zonal level to better understand the effect of the various drivers of price and demand, which are active mostly at the zonal level rather than at the city level.

4. Zone wise distribution of property budget segments: To better understand how each of the city zones contribute to the city’s supply, and how they are able to provide housing at various price points, the supply is distributed into budget segments across various geographic zones. For instance, if a zone has most of its supply in the premium budget segment, then it naturally becomes a premium destination within the city. The price changes within the various budget segments are also analyzed at the zonal level to go to the depths of the price changes across the city and to easily contribute the price changes to local factors.

5. Capital Value Tables (given in Annexures): This shows the actual range of prices within which properties are available in each locality in the quarter. Prices are shown in Rupees per square foot basis, these are the prevailing rates for properties in each locality.

6. Price trend – Top 10 localities by consumer preference: This section presents the price trend of the Top 10 localities in the city by consumer preference. These localities have the highest consumer focus and assessment of price trend in these localities assists in understanding the prevalent and future price trend in the city.

7. Price trend basis construction status: This Index looks at the movement in prices of Under Construction (UC) and Ready-to-Move-in (RM) properties across localities in the city. It is a weighted price index where weight is assigned to each locality basis its share in the consumer preference in the city.

What is the PropIndex?

The PropIndex gives you locality-wise property values in two forms – as locality price ranges for sale and rent in the annexure to every city with additional information on whether it has gone up or down in the quarter, and what is the rental yield in that locality. These prices are based on the listed prices of properties for sale or rent on the website www.magicbricks.com. This helps you to understand the average locality price ranges and to assess whether the price of the property for sale or rent that you are assessing, lies within the average price ranges in the locality. In a market where data or information is hard to come by, this data helps you to assess whether you are being quoted rational values for the property you are considering.

Why do I get locality sale and rent prices and how do I use them?

When you buy a property you must know what the average locality prices are. When you buy property directly from the developer, the price per sq ft is the value you pay. Then there are additional preferred location charges (PLC) such as vastu related, view related or floor related. When you buy from the secondary market or from an individual seller, the price is determined basis a notional value of the property. The sale values in the PropIndex help you to establish the price you should demand if you are a seller or what you should pay if you are a buyer. Rental values, similarly, are the average values that are listed on the website. They serve as benchmarks of the expected rental prices in the locality.

What is rental yield and why is it significant?

If you pay a certain price for a property, there is an amount you earn per annum as rent. When the rental income is expressed as a percentage of the property value, it is rental yield. It is a good yardstick to compute which property to select as a Buy to Let investment.

Why is it called a Property Index and not Property values?

Magicbricks has a very large number of listings. The number per locality depends on market conditions and how many consumers or brokers or developers choose to post their properties for sale or rent. When we are computing values at the locality or city levels we do not want any one locality to skew the index value of the city. As a result when any one or more localities have more than usual or less than usual number of listings, using the ratio of price to number of listings helps to even out unusual spikes or troughs in the data. This gives you unbiased city or locality averages.

How do I use an index number?

Magicbricks Index was computed first in 2011. The values in the year 2011 have been used as the base value and is assumed to be 100. When the value is below that

base number, the index is said to have fallen. When it is more than that number, the index is said to have gone up. This gives users like you, who are interested in property markets, an idea of how the property market in your city has performed vis-à-vis other cities. When the economic conditions are good and the builder is actively developing and the consumer is actively buying, the index value rises above 100. When markets are flat due to lack of economic activity and therefore developer and consumer disinterest, the index values remain at 100 or drop below that.

Very high index values shows a lot of investor activity and therefore severe peaking of property values. As an end user you should avoid buying when there is intense buying and speculative activity. That however, is a good time for you to sell as high property prices will give you good returns on your investment. When the index value comes down dramatically, the chances are that you will not get good returns as a seller. But if you find the property that you like in this cycle, it is a good time to negotiate the best values and buy as the chances are that there will be fewer buyers in the market. Since the PropIndex is now 5-years old, a look at how the index values have moved over the years gives you a good idea of how the market has performed in different quarters. If you are interested in how property markets have performed across a period of time, the PropIndex values give you a fair idea of the movement.

Do I get any specific Advice that helps my property decisions?

Magicbricks has a team of data scientists and researchers who are constantly studying the property markets and values to get the trends. In the past two quarters, for instance, they have noticed that ready-to-move-in property has been significantly more expensive than under construction property. This probably indicates that consumers do not want to buy property that is not complete and has chances of delayed delivery and prefer to spend more to buy property that they can purchase and move into. This is useful to you as a buyer and alerts you to general trends of other buyers.

What is the editorial and how is it useful to me?

The editorial team of Magicbricks constantly assesses the property market developments and factors such as infrastructure announcements and transport corridor development, to figure out how they can impact values of residential real estate in your city. In each edition of PropIndex they assess what all has happened in the quarter and how it will impact the value of the property that you are interested in. This analysis gives you an idea of the issues you should consider when buying property in that city.

How do I use the different sections of the PropIndex?

The key takeaways are useful in getting an overview of the property market in your city. The geographical distribution of localities allows you to assess in which areas property is available for sale. The distribution of properties by capital value allows you to freeze the price segment where you are likely to get the type of property you are looking for. The budget wise price change helps to compute how the price range that you are looking for has been performing. If values have been rising in your budget of interest you may have to hurry up with your property decision if you are an end user. If it has dropped, figure out if there is a problem in that category. This exercise has been done for each part of the city. The price trend by construction basis tells you which the best stage is at which you should enter the property market. The price changes basis construction status takes this analysis a step forward. Read it carefully and you will be able to assess exactly when you should enter the market as a buyer and as an investor.

What is the Corridor of Growth?

Magicbricks has figured that the bulk of new property in any city is developed along a few transport corridors leading out of the city. These have been identified and studied for stock, price rise, current status, future potential and its physical and social infrastructure such as water, power, sewerage and drainage facilities, transport links, schools, colleges, hospitals and entertainment centres in the vicinity. Advice has been given on the basis of rental and buyer’s demand, the best configurations to buy – 2, 3 and 4BHK, past and future estimated price trends and also how it figures in the master plan of the city. News updates of each corridor allows you to understand the drivers of those corridors.

HOW TO USE THE PROPINDEX

Jayashree Kurup, Head content

In line with general lack of activity in the residential real estate market, the National Property Index has remained stagnant at

the same level as last quarter, with Ready-to-move (RM) properties, which form 70% of the supply witnessing their average price falling by 0.4%, while the Under-construction (UC) properties, which form the rest 30% of the supply, saw their average prices rising by 0.8% in the quarter.

The UC prices moved up across India due to existing projects nearing completion, along with a lack of new launches at cheaper rates. The fall in RM prices can be partly attributed to the curb in black money post demonetization.

On a quarter level, the south was the only region, which inched up visibly in terms of prices from the last quarter, while north fell the most. While real estate prices had already

hit rock bottom this year, the demonetization has put further pressure on RM prices, which are going to be effected in the next couple of quarters also due to effect on liquidity post demonetization.

On a more than three year scale, both western and northern India have done better than other regions, with the cities in these two regions witnessing a 9% price increment on average. The worst performer was the North region, where prices fell by almost 8% in the over the period.

In terms of historical price change in cities, Navi Mumbai was the best performer with a significant 19% increment over the more than three year period, followed by Hyderabad, which had a gain of more than 12% in the same period. Both Thane and Pune have witnessed 10% price increment, while the

fifth placed Bangalore witnessed an 8% price increment.

Next were Greater Noida, Ahmedabad, and Chennai, which witnessed gains of around 6% over the more than three year period, followed by Mumbai having a gain of 5% in its prices.

Gain of lower than 5% was witnessed by Noida, with 2% price increment, while Kolkata from Eastern region maintained the price in the October-December 2016 quarter, as 3.25 years ago.

Only three of the top fourteen cities considered for PropIndex witnessed a price decline in the last 3.25 years, and all three belonged to the Delhi NCR region. While prices in Gurgaon fell by 2%, those in Ghaziabad fell by a significant 7%. New Delhi was the worst performed overall, with a whopping 21% fall in prices in the period.

VOL 6, ISSUE 3; OCT-DEC, FY 2016-17 propindex.magicbricks.com

[OCT-DEC 2016]

The realty sector in India has been tepid for past few years with low transaction volumes and stagnant price level. Weak

economic scenario, perceived high price level and lack of consumer confidence in the developers with respect to project completion led to transaction volumes reducing drastically. The demonetization scheme by the Indian government has also put pressure on the market.

In addition to large unsold inventory with developers across the major Indian cities, there is a very active resale or secondary market. Indian realty market has reached a stage where inventory sold by developers in new projects is coming back into the market in large numbers.

In this analysis, we look at the secondary market across major Indian cities and its impact on the overall realty market.

Resale segment across citiesAssessment of actively traded properties on Magicbricks.com (MB) shows that resale segment forms sizeable component of the market. Southern cities (Hyderabad, Bengaluru and Chennai) show a reverse trend. Fresh booking options here are more than double of resale options. Scenario in case of Mumbai Metropolitan Region (MMR) is more balanced out.

The graph below shows the city wise break-up of resale and fresh booking options (New

Property) on MB for each city.Markets which historically have had high investor to end-user ratio (like Gurgaon and Noida) have corresponding much higher percentage of ‘Resale’ options. Correspondingly, South Indian cities have had high end-user participation and this reflects in the ratio of ‘New’ and ‘Resale’ options.

Consumer is vary of delivery riskMagicbricks research shows that consumer are willing to pay more for ready-to-move (RM) options as compared to under-construction (UC) properties. They’re willing to pay a premium on completed projects rather than expose themselves to delivery risk as project delays lead to additional financial burden. This preference is reflected in the price differential between UC and RM properties. Our national level index for tracking pricing of RM and UC properties shows that at a pan India level, RM properties command an average 7% premium over UC properties.

This also means that Ready-to-Move-in properties, whether in the primary or secondary market, have higher probability of transaction as compared to fresh bookings. The graph below shows the spread of properties by construction status as well as nature of transaction (New versus Resale).

As the graph shows, the resale segment is dominated by RM properties. The predominance of resale options under RM properties category indicates that many buyers who had made purchase from an investment perspective are looking to exit their investment. With end-users looking for RM options to protect themselves from project completion risk, it is likely that many investors with RM properties see this as the best opportunity to liquidate their asset(s).

propindex.magicbricks.com VOL6, ISSUE 3; OCT-DEC, FY 2016-1702

[Resale Market Putting Pressure Across Most cities]

Market ImpactOn Price:lAs more investors look to exit the market,

the resale segment will continue to put downward pressure on price in these cities – both for existing projects and new launches

l Many investorys are simply looking for a n opportunity to exit a stagnent market. Under such circumstances, the sellers are likely to be more flexible with their pricing. This means buyers have RM options available in resale market at rates which might be lower than quoted rate by the developer

l As long as significant number of such options are available in the resale market,

the prices in the primary market will remain under pressure

l Impact on price will be more in case if cities like Gurgaon and Noida with high number of resale options than Bengaluru or Hyderabad. In case of latter, the price will continue to be determined by demand-supply dynamics in the primary market

On Inventory:l High number of resale options also

aggravate the problem of unsold inventory as these options compete with the unsold inventory

l Large number of resale options in RM projects take the demand away from UC projects. One set of inventory is getting sold

multiple times while another set with the developers remains unsold

ConclusionTransaction activity in the resale segment gives depth to the primary segment. It allows investors to book profit and unlock their capital. However, in present scenario where transaction activity is low and consumers are looking for ready-to-move options, the resale segment is likely to do better than the primary market and continue to put pressure on the primary market. Given the large percentage of resale properties available in the market, this situation is likely to persist in short to medium term.

VOL6, ISSUE 3; OCT-DEC, FY 2016-17 propindex.magicbricks.com03

DELHI propindex.magicbricks.com VOL6, ISSUE 3; OCT-DEC, FY 2016-1704

[PROPINDEX - DELHI][Key Takeaways]

Delhi will need to wait for realty to improve

Delhi market has weathered against sombre sales, tussel with premium unauthorized areas (Sainik Farms, Anantram Dairy

and Mahendru Enclave), pollution, and infrastructure, etc. Not surprisingly, transactions were not a strong point of the North market.

There were many other things to cheer about. Innovation, infrastructure development, redevelopment works, town planning, amongst others kept the market busy this year. The government was in its finest in relegating work to the local bodies and keeping a close and strict watch over them.

Government policies such as Demonetization, Real Estate Regulatory Act (RERA), Goods and Service Tax (GST), Benami Act, amongst others. Despite the long queues and media rage against the troubles that some of these policies

have brought with them, their benefits though late are undeniable.

To make Delhi a Smart City by the year 2018 as directed by M Venkaiah Naidu, urban development minister, NDMC has adopted extra measures to ensure the set-up of digital screens at all major locations to display useful information on weather, traffic flow, suggested traffic diversions and pollution. Initiatives have also been undertaken to disseminate information through FM and community radio. The entire NDMC area is also supposed to be provided with Wi-Fi connection.

Not surprisingly, the residential market saw a drop in property prices by over 10%, however the rental market saw a boost of over 4%. In the rental sphere, South Delhi localities seemed to performed well. Jor Bagh tops the

list with the growth of 27.9% , followed by New Friends Colony with 21.9% , Anand Niketan with 17.5%, Ramesh Nagar with 10.0% and Madangir with 7.2% growth.

Though sales transactions dropped, consumer queries kept pouring in. Among the areas that saw highest demand in Oct-Dec quarter, Acharya Niketan tops the list with the growth of 47.7% , followed by Bhai Parmanand Colony with 40.7%, Ambika Enclave with 36.8%, Badarpur Extension with 34.2% and Mahaveer Nagar with 29.1% growth.

Developers and real estate consultants have been repeatedly telling buyers to wait for a couple of months. However, if they get something that suits their need then to go ahead and make a purchase. Investors are to be steer off from the market for a while.

Magicbricks Bureau

EDITORIAL

The Oct-Dec 2016 quarter had slightly more localities with price decline than price increase

Almost 56% the localities witnessed price decline averaging 2.3%, while the balance localities saw an average increment of 2.5%.

The quarterly price movement shows that localities in 50% of budget segments saw a price decline while balance 50% saw price increment. Except for 3.5% gain in one price segment (Rs 3,000-4,000 per sq ft), the price gain in other segments was marginal. The average price decline was higher than the average price gain

The price movement was from a high of 3.5% in Rs 3,000-4,000 per

sq ft price bracket to low of -2.6% in theRs 20,000-26,000 per sq.ft range

In geographical terms, East Delhi provides residential options to buyers in the lower-mid and mid segments. In terms of supply, East Delhi with 13% share has comparatively lesser options than South and West Delhi. The region witnessed 1.4% decrement on an average over the last quarter

North Delhi, led by Rohini, provides relatively less quality residential options and caters to budget and mid segment buyers. Prices in the North region also fell by 1.4%

In West Delhi, where Dwarka forms the bulk of the supply, prices increased by 0.5%

South Delhi forms one fourth of the city’s supply and witnessed marginal price decrement of 0.4% in this quarter

Analysis across 68 localities in Delhi shows that on an average, Under Construction(UC) properties were priced 3.1% more than the Ready-to-Move-in (RM) properties in the Oct-Dec 2016 period

The average percentage difference in the UC versus RM prices increased by 50 basis point as compared to previous quarter.

While the weighted average price of Ready-to-Move-in properties was Rs 10,419 per sq ft, the same for UC properties was Rs 10,748 per sq ft during the quarter

VOL6, ISSUE 3; OCT-DEC, FY 2016-17 propindex.magicbricks.com DELHI05

Properties distribution by capital value (Rs/sq ft)Jul-Sep 2016 to Oct-Dec 2016

The graph shows the distribution of actively traded properties by their capital values. The properties are distributed over a wide range dominated by entry level budget segments. Although the range of expensive properties is wider than any other city except Mumbai

In spite of such a wide range of available properties, about 43% of the city’s supply is concentrated in the Rs 3,000-8,000 per sq ft range

The budget segment, servicing the lower middle class, with pricing in the range of Rs 3,000-4,000 per sq ft, forms 3% of the city’s supply

The budget segment servicing the middle class, with a price range of Rs 4,000-8,000 per sq ft now forms 15% of the city’s supply. Localities in this segment witnessed a marginal decline in the price level during the Oct-Dec 2016 quarter

The map shows the geographical spread of localities considered for calculating the City Price Index. The localities have been grouped to understand the zone wise price trend in the city

Delhi has had a more geographically dispersed development compared to some of the other prominent cities. Except the north side, the city has concentrically grown across all directions

The city has historically grown in an asymmetrical fashion and there are pockets of residential developments between office complexes, green areas and other places of importance. Being the capital of India, Delhi houses a lot more government complexes as well as buildings of national importance. Delhi also has a significant percentage of rural areas on its boundary. These include L Zone, N Zone, P1 and P2 Zones and J Zone

The localities considered for PropIndex account for 77% of consumer preference and 67% of actively traded properties in Delhi

Geographical distribution of localitiesSouth Delhi dominates the development landscape


The City Index for Delhi reflects the price movement across 68 prominent localities. These localities have been chosen using the twin criterion of share in overall consumer preference in Delhi. The weight assigned to each locality is

its share of consumer preference in the city. This makes for a comprehensive Index which covers localities with high consumer preference as well as high number of actively traded properties in the secondary market

The City Index remained at the same level as in the last quarter. The Oct-Dec 2016 quarter had slightly more localities with price decline than increase. Almost 56% of the localities saw price decline averaging 2.3%, pushing down the Jul-Sep 2016 Index down by 1.2%. The balance saw an average increment of 2.5%. There was no net increment in the City Index

The budget segment servicing the upper middle class, with a price range of Rs 8,000-10,000 per sq ft forms another 16% of the city’s supply

Properties costlier than Rs 10,000 per sq ft forms 41% of the city’s supply and are concentrated primarily in the Southern part of the city

West Delhi mostly has properties costing less than Rs 12,000 per sq ft. North Delhi with areas like Pitampura and Rohini also has supply mainly in the Rs 10,000-12,000 per sq ft as well as the Rs 4,000-8,000 per sq ft ranges

South Delhi is the costliest region and except a few pockets like Mehrauli and Chattarpur, all other micro-markets have prices above Rs 10,000 per sq ft and go upwards of Rs, 26,000 per sq ft

The East side, similar to the West, has most of the properties costing less than Rs 17,000 per sq ft on an average

[CITY INDEX]Jul-Sep 2013 to Oct-Dec 2016


Budget wise price changeJul-Sep 2016 to Oct-Dec 2016

To understand the contribution of various budget segments and localities in the Index movement, we have grouped 68 localities under the Index

The quarterly price movement shows that localities in 50% of the segments saw a decline while balance 50% saw an increment. Except for 3.5% gain in one segment (Rs 3,000-4,000 per sq ft), the gain in other segments was marginal. The average decline was higher than the average price gain

The price movement was from a high of 3.5% in Rs 3,000-4,000 price bracket to low of -2.6% in Rs 20,000-26,000 per sq.ft range

The price movement across zones:

East The East side of the city provides

residential options catering to lower and mid segments, constituting 13% of the supply. The prices moved down by 1.4% in this region

The Rs 8,000-12,000 per sq ft and the Rs 17,000-20,000 per sq ft are the two main segments in the zone

Mayur Vihar and Sarita Vihar are the key localities which have prices in the range of Rs 8,000-12,000 per sq ft

North North Delhi provides least number of

quality residential options, catering to budget and mid segments. Prices moved down on an average by 1.4% here

Rohini sectors form a key fraction of the supply in this region, where a significant portion of the supply is formed by the DDA developed residents

West West Delhi has seen development

spanning last 15 years and centred on Dwarka. This region supports more than 50% supply and consumer preference in the organized secondary market.

Geographic and budget wise price changeJul-Sep 2016 to Oct-Dec 2016


Price movement in this zone impacts the overall price change in the city. For the Oct-Dec 2016 quarter, the price change was negligible at 0.5%. While the individual localities had a mix of price gain and decline, high consumer preference localities in the zone had positive price movement

South The price level in South Delhi, moved

down marginally by 0.4%

Most of the supply in premium localities here start at Rs 12,000 per sq ft and goes upwards of Rs 30,000 per sq ft

Centre Central Delhi contains the costliest

localities, but the amount of supply available for sale is extremely limited as a significant portion of the housing options available here are in the government housing domain.

Anand Niketan is the key locality in this zone, with an average price of Rs 35,000 per sq ft. The prices increased by 3% in this region

Price change – Top localities by consumer preferenceJul-Sep 2016 to Oct-Dec 2016

Price trend basis construction statusJul-Sep 2013 to Oct-Dec 2016


Price change basis construction status Top localities by consumer preference in Oct-Dec 2016 period

The graph shows the trend in prices of ‘Ready-to-Move-in’ properties (RM) and Under Construction (UC) properties. Analysis across 68 localities in Delhi shows that on an average, UC properties were priced 3.1% more than the RM properties in the Oct-Dec 2016 period

The average percentage difference in the Under Construction versus Ready-to Move-in prices increased by 50 basis point as compared to the previous

quarter. While the weighted average price of Ready-to-Move-in properties was Rs 10,419 per sq ft, the same for Under Construction properties was Rs 10,748 per sq ft during the quarter

The average price of RM properties dropped by 0.8%, while for UC properties, it decreased by 0.2%

In terms of cumulative price change, RM properties posted a price decline of 15%

over the Sep 2013 to Dec 2016 period, while UC properties moved down by 23% in the same period

The graph below shows price trend in the top 10 localities in Delhi by consumer preference. Price of Ready-to-Move-in options for almost all key localities fell. Comparatively, more top localities saw marginal gain in price of Under Construction properties

GURGAON propindex.magicbricks.com VOL6, ISSUE 3; OCT-DEC, FY 2016-1710

[PROPINDEX - GURGAON][Key Takeaways]

Gurgaon on the right track

Magicbricks Bureau

EDITORIAL

The City Index declined by 2% as compared to the last quarter. The Oct-Dec 2016 quarter had more localities with price decline

At least 47% localities saw an average increase of 1.6% while balance 53% localities saw prices drop by 2.6%

Price movement across eight out of ten budget segments has been negative with maximum decline in the luxury segment of Rs 14,000-18,000 per sq ft

The decline in the Rs 14,000-18,000 per sq ft bracket was of 3%. The Rs 5,000-6,000 per sq ft was the only segment which saw some positive movement. It witnessed marginal increment of 1.1% while the Rs 12,000-14,000 per sq ft segment

saw prices remain at the same level as in the last quarter

East and West zones of the city, which account for most of supply and consumer demand, have differing price movement. While the East zone saw price decline, the West zone saw marginal increment

Analysis across 73 localities of the city shows that on an average, Ready-to-Move-in (RM) properties were 9.1% more expensive than Under Construction (UC) properties in the Oct-Dec 2016 quarter

The average difference in prices has declined marginally as compared to the Jul-Sep 2016 quarter. While the weighted average price of Ready-to-Move-in properties was Rs 8,065 per sq ft, the same for

Under Construction properties was Rs 7,391 per sq ft

The average price of both RM and UC properties declined over the quarter by 0.8% and 1.8%, respectively

In terms of price increase, UC properties posted a decline of 5% over the Sep 2013 to Dec 2016 period, while the price of RM properties increased marginally by 1% during the same period. The price movement in case of both RM and UC properties worsened due to decline over the last quarter

RM properties across nine out of ten top preference localities saw price decline. In case of UC properties, price increment and decline was divided equally across these sectors

Gurgaon, the upscale peer of the other NCR counterparts had been weighed down by a cash-strapped HUDA which had

negatively affected the infrastructure updates that got delayed earlier this year.

However, the renewing interest shown very recently by the Chinese conglomerate - Wanda Company is a big thumbs up for the real estate market. The company would be investing over $10 bn in the coming four years for building industrial parks, industrial units to manufacture cell phones and e-commerce platform and smart city in the 2,200 acres of land made available by government near Kharkhoda.

More tracts of land will be provided over the course of years. Industrial and office realty development almost always leads to residential development. This means, this micro-market’s

chance of getting a fresh lease of life seems imminent. Work for the construction of master roads of sectors 81-95 has completed preliminary work. HUDA has completed allotting alternative plots for the affected.

Gurgaon adhered well to Swachh Bharat Mission as the city addressed the problem of open urination and defecation. The city authorities focussed on ‘safety’ through measures such as night markets, 24X7 entertainment hubs, well-lit streets, etc.

However, the road to safety seems long as the dark spots which were earlier identified are still under works. Sohna region needs more focus with respect to safety, while Golf Course Extension, Cyber City, some areas near Signature tower, IFFCO Chowk, have been taken care of.

An interesting change was noted in the developer’s process of construction. Major realty developers increasingly opted for solar roofs on their buildings due to lower costs and favourable policies.

A quick scan of the real estate market of Gurgaon indicates that the Oct-Dec 2016 quarter saw a rise in consumer demand and rental yield (5%). Localities that have seen a growth in demand are Sector 32, followed by Rajiv Colony, Sector 1, Old Gurgaon and Saraswati Vihar.

Rental properties in the following localities yielded the most in these three months - Dwarka Expressway with 32.4% growth, followed by Huda Colony with 26.4% growth, Sector 47 Block A with 23.4% growth.

VOL6, ISSUE 3; OCT-DEC, FY 2016-17 propindex.magicbricks.com GURGAON11

Properties distribution by capital value (Rs/sq ft)Jul-Sep 2016 to Oct-Dec 2016

This graph shows the distribution of actively traded properties by their capital value. This distribution shows the expensive nature of real estate in the Gurgaon market

The price point of lowest budget segments is equivalent to the mid-level budget segments in most other cities. Supply here is evenly distributed across its entry and mid budget segments. Further it was noted that the dominant budget segment by supply was not the lowest segment of the city

The largest budget segment with 28% share was the Rs 7,000–8,000 per sq ft. The two lowest budget segments within Rs 4,000–6,000 per sq ft account for 29% share of supply in Gurgaon

Unlike other cities, the overall price movement in the city is determined equally by its mid-budget segments as well as by the lower budget segments

The map shows the geographical spread of localities considered for calculating the City Price Index. The localities have been grouped together to understand the zone wise price trend in the city

Development in Gurgaon can be divided into two broad halves which are on either side of NH-8. Central, South and East zones consist of established residential areas, where development activity is still under progress. These projects are likely to be delivered over the next couple of years

The Western zone, which is east of NH-8, consists primarily of sectors with under construction projects. Few have been delivered. The main driver for this zone is the Dwarka Expressway/Northern Peripheral Road which will provide connectivity to Delhi

The North zone consists of a few residential areas on the Gurgaon-Delhi border and along the Northern end of Dwarka Expressway

Geographical distribution of localitiesWestern zone accounts for most of the new development activity


The City Index for Gurgaon reflects the price movement across 73 prominent localities. These have been chosen using the twin criterion of share in overall consumer preference in Gurgaon as well as share of actively traded properties.

The weight assigned to each locality is its share of consumer preference. This makes for a comprehensive Index covering localities with high consumer preference and high number of actively traded properties

The City Index declined as compared to the last quarter. The Oct-Dec 2016 quarter had more localities with price decline. About 35% localities saw an average increase of 2.1%, pushing up the Jul-Sep 2016 Index by 0.6%. The balance 65% localities saw prices drop by 2.7%, pushing down the Jul-Sep 2016 Index and leading to net decline of 2% in the City Index for this quarter

The geographical spread of budget segments show that the Western zone with large scale development activity has properties primarily in the Rs 4,000-6,000 per sq ft price bracket with the Rs 4,000-5,000 per sq ft being the dominant sub-segment

The East zone comprises primarily of established residential areas in the mid to premium segments. Even fresh development in this zone is in the higher budget segments. This includes prominent localities like Golf Course Road and Golf Course Extension Road and various DLF phases. The premium Rs 10,000- 14,000 per sq ft price range falls within this zone

The South zone has a mix of established and under-construction residential localities. It covers the price range from Rs 4,000-9,000 per sq ft

Together, the South and East zones presently account for 72% share of consumer preference

[CITY INDEX]Jul-Sep 2013 to Oct-Dec 2016



To understand the contribution of various budget segments and localities in the Index movement, we have grouped 73 localities into budget segments on the basis of their capital values. A further micro picture of price movement is presented by looking at price change across different geographies and their constituent budget segments

Price movement in localities across most budget segments was negative with maximum decline being in the luxury segment of Rs 14,000-18,000 per sq ft. Only localities in the Rs 5,000-6,000 per sq ft budget saw an average price gain of 1% while the Rs 12,000-14,000 budget segment remained practically stagnant. Average decline was 1%

The price trend in a given budget segment was generally consistent across all zones of the city

Price movement across zones:

East On an average, price in the Eastern zone

of the city declined by more than 2%. Except for the Rs 9,000-10,000 and the Rs 12,000-14,000 per sq ft segments, which remained stagnant, all other budgets saw a price decline

The highest decline of 5% was in the Rs 6,000-7,000 per sq ft segment of 3.2% followed by 3% decline in the Rs 14,000-18,000 bracket

Price movement across most of the prominent and high demand localities in the zone was negative

North Prices in localities of this zone declined as

per the overall market trend

Price level in Palam Vihar, which is the most important locality, declined as compared to the previous quarter

West The West zone is being marketed as ‘New

Gurgaon’. This zone covers the residential sectors along and off the Northern Peripheral Road or Dwarka Expressway.



It was the only zone with some average increment in prices which could be because NPR is now being developed as a national highway

Most of the high demand sectors in the zone saw marginal price gain

South The Southern zone saw negligible price

decline. This was because high consumer preference localities had some price increase. When compared with price decline in other localities, net effect was marginal price gain in the zone

Price increment in the Rs 7,000-8,000 per sq ft segment was due to price gain in high demand localities like Sohna Road

Localities in other budget segments in the zone had a mix of price increment and decline

Centre The price level in most of the localities

of this zone saw a decline leading to average decline of 0.5% in the zone

Price level in most high consumer preference localities in the zone saw a marginal price decline





The graph shows the trend in prices of ‘Ready-to-Move-in’ (RM) properties and Under Construction (UC) properties. Analysis across 73 localities show that on an average, RM properties were 9% more expensive than UC properties in the Oct-Dec 2016 quarter

The average difference in prices has declined marginally as compared to the Jul-Sep 2016 quarter. While the

weighted average price of RM properties in the quarter was Rs 8,065 per sq ft, the same for UC properties was Rs 7,391 per sq ft

The average price of both RM and UC properties declined over the last quarter by 0.8% and 1.8%, respectively

In terms of price increase, UC properties posted a price decline of 5% over the Sep 2013 to Dec 2016 period, while

the price of RM properties increased marginally by 1% during the same period. The price movement in case of both RM and UC properties worsened due to decline over the previous quarter

The below graph shows price trend in the top 10 localities by consumer preference. It was noted that more localities witnessed decrease in prices of RM properties as compared to UC properties

NOIDA propindex.magicbricks.com VOL6, ISSUE 3; OCT-DEC, FY 2016-1716

[PROPINDEX - NOIDA][Key Takeaways]

Infrastructure development in Noida

Noida was on an improvement drive (led by the state government) this year. Adding to this, the 5 per cent rise in the

office rental worked for the eastern market of NCR. Some of the government directives were the return of unused leased land by builders in order to pay up the pending lease dues to the authorities. The money collected in return will be used for project completion which will dissolve the roadblock between buyers and builders in Noida.

Another example was the decision to not increase FAR in under-construction projects and upcoming projects. This means NOC and completion certificate will only be issued to builders when construction of common facilities gets completed, builders pay off their dues and on completion of infrastructure work of under-construction towers or projects.

Noida-Greater Noida metro received Rs 406 crore boost from NCR planning board for a speedy execution. The project worth Rs 5,533 crore will enable seamless travel in National Capital Region and strengthen connectivity between NCR towns.

Noida adhered well to some of the government-led schemes, such as Swachh Bharat Mission. The city addressed the problem of open urination and open defecation through Swachh Public Toilets located near malls, hospitals, bus and railway stations, fuel stations, metro stations and public and community toilet complexes.

Uttar Pradesh sent first proposal for construction of houses for urban poor under PMAY (Urban). The proposal covers construction of 11,286 houses for urban poor in 34 towns

of Uttar Pradesh which was approved by the Ministry of HUPA. Total investment involved in construction of these houses is Rs 384 crore. The Ministry has approved central assistance of Rs 160 cr in this regard.

Infrastructure change seems to have led the year for Noida. These changes will take time to reflect, till then the residential market witnessed a fall in property prices by nearly 5% and a fall in housing supply by 10%. Like Gurgaon, though transactions lost momentum, queries related to home purchase from consumers kept coming in.

Noida saw a rise in consumer demand. The localities which interested consumers were Sector 2, followed by Sector 2 Block A, Sector 56, Sector 71 Pocket B. Sector 62 Phase 2 also witnessed growth in consumer demand.

Magicbricks Bureau

EDITORIAL

The City Index saw a 2% decline over the previous quarter. The Oct-Dec 2016 quarter had less localities with price rise than price decline

Of the total localities, 66% witnessed a price decrement of 2.4%, pushing the Oct-Dec 2016 Index value down by around 2.2%. The balance 34% localities, which witnessed average price increase of 2.1%, pushed up the Index by 0.2%

Price movement across all but one segment was with four out of five segments losing price. The Rs 3,000-4,000 per sq ft range was the only segment witnessing a price increase of 2.1%

The maximum price decline of 2.9% was witnessed in the Rs 6,000-7,000 per sq ft segment. The premium

Rs 7,000-11,000 per sq ft segment has been losing price now for the last three quarters

In geographical terms, the Eastern zone, which accounts for 17% of the city’s supply, saw a decline of 1.7% in the Oct-Dec 2016 quarter.

The Western zone, consisting of prime residential localities with an average price of over Rs 7,000 per sq ft, witnessed prices remaining stagnant at the same level in the Jul-Sep 2016 quarter

Northern Noida, which accounts for over 50% consumer preference and 59% supply in the secondary market, also witnessed a marginal decline of 1.1%

Analysis across 35 localities shows that on an average, Ready-to-Move-

in (RM) properties were 9.4% more expensive than Under Construction (UC) properties in the Oct-Dec 2016 quarter, which is slightly higher than normal. This shows that consumers continue to be vary of development risk associated with UC projects and preferred RM properties

Weighted average price of RM properties was Rs 5,170 per sq ft, the same for UC properties in the quarter was Rs 4,726 per sq ft

Key locality in terms of price movement was Sector 76, where both UC and RM property prices saw an increment. While price movement in UC segment was mixed across sectors, in case of RM properties, it declined in all but two out of ten sectors

VOL6, ISSUE 3; OCT-DEC, FY 2016-17 propindex.magicbricks.com NOIDA17

Property distribution by capital value (Rs/sq ft)Jul-Sep 2016 to Oct-Dec 2016

The adjacent graphs shows the distribution of actively traded properties by their capital values. When compared with other prominent constituents of the National Capital Region (NCR), Noida is the ‘affordable’ destination. It is also the biggest residential market of the NCR

With almost 75% of the secondary market inventory in the Rs 4,000– 6,000 per sq ft range, the supply is concentrated in a very narrow segment. The price movement in this segment decides the overall movement in the market

A typical 1200 sq ft home in Noida will cost between Rs 50 - 75 lakh. This price segment also comprises more than 80% share of consumer preference in the city

The higher budget segments have smaller share of the secondary market. These premium localities are situated adjacent to the central business district

The map shows the geographical spread of localities considered for calculating the City Price Index. The localities have been grouped together to understand the zone wise price trend in the city

In this quarter, new developments in Noida have taken place primarily in two directions - one along the Noida-Greater Noida Expressway towards South-East and another in the East direction along and off the Noida-Greater Noida link road

The North zone in the map corresponds to new development in the Easterly direction of the city. While areas in the Center, South and East zones correspond to sectors along and off the Noida Expressway, the center of the map is not the same as the Central Business District/core areas of the city

Localities in the West, towards the top of the map, are the core areas of the city which are the prime areas of Noida

Geographical distribution of localitiesNorth zone accounts for bulk of supply in the secondary market


The City Index for Noida reflects price movement across 35 prominent localities. These have been chosen using the twin criterion of share in the overall consumer preference as well as share of actively traded properties. The weight

assigned to each locality is its share of preference in the city. This makes for a comprehensive Index which covers localities with high consumer preference as well as high number of actively traded properties in the secondary market

The City Index saw a 2% decline over the previous quarter. The Oct-Dec 2016 quarter had less localities with price rise than decline. Of the total localities, 66% saw a price drop of 2.4%, pushing down the Jul-Sep Index by 2.2%. The balance 34% localities, which witnessed average increase of 2.1%, pushed up the Index by 0.2% leading to net decline of 2%

Given the development pattern of Noida, sectors or localities situated towards the South, along and off the Noida-Greater Noida Expressway, or towards East along the access road to Greater Noida West, account for most of the supply

The supply in the entry level budget of Rs 3,000-4,000 per sq ft segment is concentrated primarily in the North zone along and off the Noida-Greater Noida link road towards the East of the city center. A few sectors in the South zone, located towards the end of the Noida Expressway, also have options in this budget segment

The dominant Rs 4,000-6,000 per sq ft range is concentrated in the North zone, being equally distributed between the Rs 4,000-5,000 per sq ft and the Rs 5,000-6,000 per sq ft segments

The higher priced budget segment of Rs 6,000-11,000 per sq ft is concentrated in the West and Central zones of the city which are close to Delhi

CITY INDEXJul-Sep 2013 to Oct-Dec 2016



To understand the contribution of various budget segments and localities in the Index movement, we have grouped 35 localities under the Index into budget segments on the basis of their price

Price movement across all but one segment has been negative with four out of five losing price. The Rs 3,000-4,000 per sq ft was the only budget segment witnessing a price increase of 2.1%. The maximum price decline of 2.9% was seen in the Rs 6,000-7,000 per sq ft. The premium Rs 7,000-11,000 per sq ft segment has been losing price for the last three quarters


East The region majorly consists of houses in

the Rs 4,000-5,000 per sq ft category. This region accounted for 17% of the city’s supply and the prices here declined by 1.7% this quarter

North The North zone is important as

it accounts for over 50% share of preference and 59% of supply in the secondary market

As with other zones, the average price movement in this zone was negative. The price on an average declined by 1.7%

The region is dominated by the Rs 4,000-6,000 per sq ft segment, forming the biggest source of such properties. The region is also the dominant source of properties in the lower segment of Rs 3,000-4,000 per sq ft

West The West zone accounts for 8% of

consumer preference and 10% of secondary market supply in the city. The overall price level in the West zone remained stagnant as in the last quarter

From individual budget perspective, Rs 4,000-5,000 segment saw an



increment of 2.5% while the Rs 6,000-7,000 per sq ft bracket saw a decline of 2.7%. Most high consumer preference localities saw a price decline

South The Southern region majorly consists

of supply in the affordable segments of Rs 3,000-4,000 per sq ft and Rs 4,000- 5,000 per sq ft, with localities on the Noida-Greater Noida Expressway, such as Sectors 151 and 168 as key localities

This zone saw the lowest overall price drop of 0.3% as individually some localities saw a price increment while others witnessed a price drop

Centre Properties in the Central region are

within Rs 4,000-11,000 per sq ft and above. Along with Western Noida, this is the only region with properties above Rs 7,000 per sq ft are available. This formed 11% of the city’s supply and saw a fall of 1.4% in its prices on an average





The graph shows the trend in the prices of ‘Ready-to-Move-in’ (RM) and Under-Construction (UC) properties. Analysis across 35 localities shows that on an average, RM properties were 9.4% more expensive than UC properties

The average difference in prices of UC and RM properties declined over the last quarter as compared to three previous quarters where it was stagnant. While the weighted average price of RM

properties was Rs 5,170 per sq ft, the same for UC properties was Rs 4,726 per sq ft

The average price of RM properties fell by 2.2%, while that of UC properties declined by 0.4% in the last quarter

In terms of price change, Under Construction properties posted a price decrement of 2.7% over the Sep 2013 to Dec 2016 period, while the price of

Reatdy-to-Move-in properties saw a drop of 15.4% during the same period

The graph below shows the price trend in the top 10 localities of Noida by consumer preference. Key locality in terms of price movement was Sector 76, where both UC and RM property prices saw an increment. While price movement in the UC segment was mixed across sectors, in case of RM properties, it declined in all but two out of ten sectors

GREATER NOIDA propindex.magicbricks.com VOL6, ISSUE 3; OCT-DEC, FY 2016-1722

[PROPINDEX - GREATER NOIDA][Key Takeaways]

Greater Noida gets the Metro benefit

Greater Noida maintained a positive momentum with the launch of an open industrial scheme by the Greater Noida

Industrial Development Authority. This scheme will be open 24x7 for 365 days besides having the advantage of being made to order as per prospective allottee’s requirements. Commercial establishments have proved to better the residential market always.

Another constructive development was the move by Greater Noida Industrial Development Authority when it imposed a fine of Rs 5 lakh each on four builders. The move indicated that the city authorities are stern about the conservation of green belt.

Greater Noida will soon see the launch of 5 infrastructure projects, which have come at a cost of Rs 595 crores include 1950 affordable

housing units, a bridge across Hindon, a 30-km cycle track, GNIDA office building and extension of the Vijay Singh Pathik sports complex. These projects will definitely benefit the residential realty market.

The GNIDA finalised land allotment rates for the integrated industrial township under the Delhi-Mumbai Industrial Corridor project. The group housing allotment rates are fixed at Rs 28,000 per sq m. It will be mandatory for the developer to put aside a percentage of land for economically weaker sections.

In another move, the Greater Noida Authority and Yamuna Expressway Development Authority opened escrow accounts with developers which would enable them to either refund the money to buyers or use the future payments made by the buyers, which would get

deposited in this account to complete the real estate projects.

Noida-Greater Noida metro received Rs 406 crore boost from NCR planning board for a speedy execution. The project worth Rs 5,533 crore will enable seamless travel in National Capital Region and strengthen connectivity between NCR towns.

The residential real estate market saw almost no movement in transactions. Apart from consumer queries which piped in there was no action in the field.

The consumers preferred Sector XU 3 which saw 47.7% growth in demand. The sector was followed by Noida-Greater Noida Expressway, Chorosia Estate, Yamuna Expressway, and Jalvayu Vihar with 20.9% growth in consumer demand in the city.

Magicbricks Bureau

EDITORIAL

The City Index saw a 2% decline as compared to the last quarter. The Oct-Dec 2016 quarter had more localities with price drop than gain

In the Oct-Dec 2016 quarter, 41% localities witnessed an average price increase of 0.8% while the balance 59% localities witnessed prices declining by 2.4%

Most budget segments saw a decline in price levels. The highest decline was in the high demand budget segments of Rs 3,000-3,250 per sq ft and the Rs 5,000 per sq ft and above. Prices in these segments declined by 2.4% and under 1%, respectively

Overall the price movement was from a low of -2.4% to high of 0.6%

In geographical terms, price in the Western zone of Greater Noida centred on Noida Extension, which accounts for most of the supply in the secondary market and consumer preference. These remained stagnant at the same level as it was in the previous quarter

The South zone of the city centred on Pari Chowk, with the highest share (44%) of consumer preference, witnessing a marginal 0.4% increment in price levels

The East zone of the city also had a negligible decline in the price levels in this quarter. Analysis across 18 localities of Greater Noida showed that on an average, the Ready-to-

Move-in (RM) properties were 23% more expensive than the Under Construction (UC) properties in the Oct-Dec 2016 quarter

The average difference in prices increased by 400 basis points as compared to the Jul-Sep 2016 quarter. While the weighted average price of Ready-to-Move-in properties was Rs 3,868 per sq ft, the same for Under Construction properties was Rs 3,144 per sq ft in the current quarter

The average price of Under Construction properties has declined by 2.4% while that of Ready-to-Move-in properties increased by

VOL6, ISSUE 3; OCT-DEC, FY 2016-17 propindex.magicbricks.com GREATER NOIDA23


The graph shows the distribution of actively traded properties by their capital values in the Oct-Dec 2016 quarter

The graph also shows that 79% secondary market supply is in a narrow range of Rs 3,000-3,500 per sq ft. Of these, 75% is concentrated in a still narrower range of Rs 3,000-3,250 per sq ft. A very small percentage is available in the higher segments

It is this low budget range which positions Greater Noida as a relatively less expensive extension of Noida. This allows for very large scale residential development activity to attract demand in the lower budget segments

Most of the development is located in the northern stretch of Greater Noida which lies East of Noida.

This consists of Noida Extension under the Western zone as well as localities in the North zone. Together these zones have 40% share of consume preference

The map shows the geographical spread of localities considered for calculating the City Price Index. These localities have been grouped together to understand the zone wise price trend in the city

Development activity in Greater Noida is concentrated in two zones - West and South. Within the West zone, Noida Extension or Greater Noida West, is the hub of development. This single locality accounts for 35% and 48% share of consumer preference and secondary market supply, respectively. Given its connectivity and accessibility from Noida, it has been positioned as Noida Extension

The South zone of Greater Noida has more than 40% share of consumer preference and consists of prime residential areas such as Pari Chowk. Sectors along and off the Yamuna Expressway also fall in this zone and these have recorded more than 50% share of consumer preference in the quarter

Geographical distribution of localitiesLop sided development concentrated in one zone


The City Index for Greater Noida reflects the price movement across 18 prominent localities across the city. These have been chosen using the twin criterion of share in overall consumer preference in Greater Noida and share of actively

traded properties. The weight assigned to each locality is its share of consumer preference. This makes for a broad Index which covers localities with high consumer preference and high number of actively traded properties

The City Index saw a 2% decline as compared to the last quarter. The Oct-Dec 2016 quarter had more localities with price drop than gain. At least 41% localities saw an average rise of 0.8%, pushing up the Jul-Sep 2016 Index. The balance 59% saw a drop of 2.4%, pushing down the Jul-Sep 2016 Index by 1.8% leading to a drop of 2%

and 64% share of secondary market supply

While the North zone has supply in the below Rs 3,000 per sq ft and the Rs 3,000-3,250 per sq ft bracket, the West zone has supply predominantly in the Rs 3,000-3,250 per sq ft and Rs 3,250-3,500 per sq ft segments

The South zone has supply across the Rs 3,250-5,000 per sq ft and above range. The more expensive supply in the Rs 4,000–5,000 per sq ft range is available in and around areas like Pari Chowk, the core area and an established residential locality

The less expensive supply in this segment is found along the Yamuna Expressway further south of these localities

Prices in the East zone varies on its proximity to the city center such as Pari Chowk. Development needs to happen in order to boost investment in the locality




To understand the contribution of various budget segments and localities in the Index movement, we have grouped 18 localities under the Index into budget segments on the basis of their capital values. A further micro picture of price movement is presented by looking at price changes across geographies and their constituent budget segments

Most segments saw a decline in price level. The highest decline was in the high demand segments like Rs 3,000- 3,250 per sq ft and Rs 5,000 per sq ft and above. Prices in these segments declined by 2.4% and under 1%, respectively

Overall price movement was from a low of -2.4% to high of 0.6%


East Price trend in the East zone was mixed

as compared to other zones. It was was -3.6% to 0.4% across budget segments

Price drop was seen in one budget segment (Rs 3,000-3,250 per sq ft) while the other two (less than Rs 3,000 per sq ft and Rs 3,750- 4,000 per sq ft) saw negligible gain

High consumer preference locality like Omnicron-1 saw a decline of 3.6% while others saw marginal rise

North This zone has properties in the lower

segments of less than Rs 3,000 per sq ft and Rs 3,250-3,500 per sq ft brackets

Price trend in both these segments was negative with price drop of 3.3% and 2.7%, respectively. This decline was due to high consumer preference locality like Noida Extension/Greater Noida West witnessing a price drop of 3%

West The West zone has most of the supply

in the Rs 3,250-3,500 per sq ft bracket pushing home buyers’ interest



Price trend in this segment defines the overall trend. Hence, these prices were in-line with the market average

The Rs 3,250-3,500 per sq ft segment saw a decline of 2.1% which was higher than market average decline of 0.7%

South Price trend here was mixed as two out

of five segments saw price decline, two witnessed marginal increment and one stayed at the same level

High demand localities like Yamuna Expressway witnessed price drop of 3% while Pari Chowk was at the same level

Yamuna Expressway prices are in the range of Rs 3,000-3,250 per sq ft and Pari Chowk represents the premium locality. Prices in Pari Chowk fall in the segment of over Rs 5,000 per sq ft

Central In the Central zone, the price trend was

subdued and price levels remained at the same level as in the last quarter

Price change-Top localities by consumer preferenceJul-Sep 2016 to Oct-Dec 2016



Price change basis construction status Top localities by consumer preference in the Oct-Dec 2016 period

The graph shows the trend in prices of ‘Ready-to-Move-in’ properties (RM) and Under Construction (UC) properties. Analysis across 18 localities in Greater Noida shows that on an average, RM properties were 23% more expensive than the UC properties in this quarter

The average difference in prices has increased by 400 basis points as compared to the Jul-Sep 2016 quarter.

While the weighted average price of RM properties was Rs 3,868 per sq ft, the same for UC properties was Rs 3,144 per sq ft in this quarter

The average price of UC properties has declined by 2.4% while that of RM properties increased by 1.1%

In terms of price movement, the Under Construction properties posted a price decline of 5% over the Sep 2013 to

Sep 2016 period, while the price of RM properties saw a marginal gain of 1% during the same period. Price movement in case of UC properties became worst due to decline over the last quarter

The graph below shows price trend in the top 10 localities of Greater Noida by consumer preference. It shows that prices of UC properties declined in most of the high consumer preference localities

GHAZIABAD propindex.magicbricks.com VOL6, ISSUE 3; OCT-DEC, FY 2016-1728

[PROPINDEX - GHAZIABAD][Key Takeaways]

Ghaziabad realty sees no change

Ghaziabad saw a rise in consumer demand and rental yield in the Oct-Dec 2016 quarter. While like any other real estate

market of North India, the real estate saw almost no transaction taking place. However, property related to queries kept agents and brokers busy.

The specific localities to be preferred by consumers include Hindan Residential Area, followed by Modi Nagar, Hindon Air Force Station, Mishal Garhi, and Police Line.

The rental market was abuzz with activity. Among the localities in Ghaziabad that have shown a high growth in rental yield in the past 9 months, Nyay Khand 1 tops the list with 55.6% growth, followed by Kaushambi with 12.4% growth, Neeti Khand 1 with 11.3%

growth, Vaishali Sector 4 with 10.3% growth, and Vaishali Sector 6 with 7.9% growth.

Ghaziabad focussed on betterment of sanitation this quarter. The city authority concentrated on various aspects pertaining to sanitation. A detailed roadmap for preparing the plan will be worked in consultation with the officials of various departments. Greater public participation in terms of recommendations and suggestions for the plan are concerned.

Earlier in the year, Ghaziabad Development Authority (GDA) has agreed to the extension of Delhi Metro blue line till Mohan Nagar, which at present ends at Vaishali and extension of Noida City Centre-Sector 62 Metro corridor, which is under construction, to the proposed Vaishali-Mohan Nagar line via Indirapuram. A total

sum worth Rs 1.09 crore has been sanctioned to Delhi Metro Rail Corporation for the construction of the two proposed corridors. The Metro will boost consumer sentiments towards making an investment in Ghaziabad.

Building by laws formulated exclusively for Ghaziabad will continue to remain under implementation in the city despite the latest guidelines issued by the state government. According to Ghaziabad’s building bylaws, stilt parking plus four floors are allowed on plot sizes of 112 square metres.

Ghaziabad will take time to recover. In the meantime, buyers can evaluate their home options present in the market. With the Union Budget 2017 coming up, the market sentiment has a chance to become better.

Magicbricks Bureau

EDITORIAL

The City Index saw a 1% decline over the previous quarter. More localities in Oct-Dec 2016 quarter had price decline than price increment

At least 67% localities saw an average price decline of 2.4% while balance 33% localities saw an average price increment of 1.5%

The Oct-Dec 2016 quarter saw decline across four of the five budget segment covering about 67% of localities. The price increment witnessed in the lone budget segment was also not much

Overall price movement ranged from -1.6% to 1.9%. Apart from the topmost budget segment, all the lower segments saw a price drop

The dominant supply segment of

Rs 4,000-5,000 per sq ft witnessed a 1.6% decline while the lowest supply segment (Rs 6,000-7,000 per sq ft) saw a 1.9% price increment

The Western zone, consisting of all premium localities bordering Delhi, witnessed marginal drop in prices. This zone accounts for over 70% of consumer preference and 62% of supply in the secondary market

The South zone, centred on Crossings Republik, saw a price decline of 2%

The North zone, with low-cost housing options centred on Raj Nagar Extension, was the only zone with some price increment. It witnessed a price rise of 1% during the quarter

This zone consists of properties in

the Rs 3,000-4,000 per sq ft and Rs 4,000-5,000 per sq ft segments

These segments witnessed a mix of price increment and decline with overall 1% decline in prices. The Eastern region, with options in the lowest segment saw a 3.2% decline in price level

Analysis across 46 localities in Ghaziabad shows that in Oct-Dec 2016 quarter, UC properties became marginally more expensive than RM properties

The difference in the price level between the two is of 0.7% in favour of UC properties. The average price of RM properties was Rs 4,320 per sq ft, the same for UC properties was Rs 4,350 per sq ft

VOL6, ISSUE 3; OCT-DEC, FY 2016-17 propindex.magicbricks.com GHAZIABAD29


The graph shows the distribution of actively traded properties by their capital values and properties in the market are concentrated in a narrow range

With 45% properties in the less than Rs 4,000 per sq ft segment, Ghaziabad, along with Greater Noida, form the most affordable real estate destinations for consumers looking to buy residences in the National Capital Region (NCR). The higher budget segment of Rs 5,000- 7,000 per sq ft bracket forms a small share of the secondary market

Geographical spread of budget segments show that most of the supply and consumer preference is concentrated in the West zone. This zone has more than 60% share of supply in the secondary market. Localities in the Western zone such as Indirapuram, Vaishali, Kaushambi and Vasundhara are all high consumer preference localities. They provide good connectivity and are easily accessible

The map shows the geographical spread of localities considered for calculating the City Price index. These have been grouped together to find the zone wise price trends in the city

Localities in Ghaziabad drive demand basis their contiguity and connectivity with Delhi

Localities in the West zone have best connectivity to Delhi and are the preferred addresses. The price gradient decreases as one moves from West to East

Preferred localities in the West zone include Indirapuram, Vaishali, Kaushambi and Vasundhara which are contiguous with each other and some also share a border with Delhi

Those looking for less expensive options can choose from Raj Nagar Extension in the North zone and Crossings Republik in the South zone. While new development in Crossings Republik is more or less complete, Raj Nagar Extension is witnessing considerable new development

Geographical distribution of localitiesWestern localities preferred for connectivity with Delhi


The City Index for Ghaziabad reflects the price movement across 46 prominent localities across the city. These localities have been chosen using the twin criterion of share in overall consumer preference in Ghaziabad as well as share of actively traded properties. The weight

assigned to each locality is its share of consumer preference in the city. This makes for a comprehensive Index which covers localities with high consumer preference as well as high number of actively traded properties in the secondary market

The City Index saw a 1% decline over the previous quarter. The Oct-Dec 2016 quarter had more localities with price decline and their cumulative impact leading to an overall decline in the city average. At least 67% localities saw an average price decline of 2.4% while balance 33% localities saw an average increment of 1.5%. This led to 1% net decline in the City Index for Oct-Dec 2016

from Delhi. Consumers can commute to Delhi for work or business related activities and this makes these localities the preferred destinations

Price range in the West zone localities varies mainly from Rs 3,000-7,000 per sq ft. Though the dominant segment (43% share) is the Rs 4,000-5,000 per sq ft, this is followed by the Rs 3,000-4,000 per sq ft budget range

Crossings Republik in the South zone is an important high consumer preference locality which caters to demand in the Rs 3,000-4,000 per sq ft price segment. The whole locality consists of new projects which have been completed in the recently and are ready for possession

Raj Nagar Extension in the North zone is another upcoming destination which serves consumer preference in the below Rs 3,000 per sq ft price segment in the area. It has 11% share of total supply in the city




To understand the contribution of various budget segments and localities in the Index movement, we have grouped 46 localities into segments on the basis of their capital values. A further micro picture is presented by looking at price change across different geographies

The Oct-Dec 2016 quarter saw decline across four of the five budget segments covering about 67% of localities. The price increment witnessed in the lone budget segment was also not much.

Overall price movement ranged from -1.6% to 1.9%. Apart from the topmost budget segment, all the other lower segments saw a price drop


East This zone has properties in the entry

level (below Rs 3,000 per sq ft) segment

In-line with the overall price trend, it witnessed a price decline. However, the decline of 3.2% was higher than the market average for this budget segment

North Raj Nagar Extension is an important high

consumer preference locality of this zone

This caters to consumer preference for cheaper options in the below Rs 3,000 per sq ft and Rs 3,000-4,000 per sq ft prices brackets

The zone witnessed 1% increment, which was opposite of 0.1% average price decline in this segment; given that North zone accounts for bulk of supply in this price segment, it is likely that increment in Raj Nagar Extension area arrested the overall price decline

West This zone holds most of the city’s supply

in the Rs 4,000-6,000 per sq ft price bracket. Price trend in this zone decides the overall city price movement average, geographic and budget wise



The average change in the Rs 4,000- 5,000 per sq ft and Rs 5,000- 6,000 per sq ft segments was decided by changes (-1.6% and -1.2%) in these segments

The Rs 3,000-4,000 per sq ft range saw negligible increment which maintained the price level at almost the same level as in the last quarter

South Localities here form the second most

preferred area in the city with Crossing Republic being a preferred locality.

This zone forms 14% of the city’s supply, witnessing a 2% decrement in the city

Central This zone consists of properties in the

Rs 3,000-4,000 per sq ft and Rs 4,000-5,000 per sq ft segments

These segments witnessed a mix of price increment and decline with overall 1% decline in price

Price change-Top localities by consumer preferenceJul-Sep 2016 to Oct-Dec 2016



Price change basis construction statusTop localities by consumer preference in Oct-Dec 2016 period

The graph shows the trend in the prices of ‘Ready-to-Move-in’ (RM) properties and Under Construction (UC) properties. Analysis across 46 localities in Ghaziabad show that on an average, UC properties were slightly more expensive than RM properties in the Oct-Dec 2016 period

The difference in the price of RM and UC properties had been narrowing over the last few quarters and in the Oct-Dec 2016 quarter, the average difference in

prices has reversed. While the weighted average price of RM properties was Rs 4,320 per sq ft, the UC properties are expensive by 0.7% at Rs 4,350 per sq ft

While the average price of RM properties declined by 1%, those of UC properties increased marginally by 0.2% in Oct-Dec 2016 quarter

UC properties posted a price decline of 4.3% over the Sep 2013 to Sep Dec 2016

period, while the price of RM properties declined by 7.2% in the same period. The long term price change in case of RM properties worsened and that of UC properties has improved due to price movement in the last quarter

The graph below shows price trends in the top 10 localities in Ghaziabad by consumer preference. It shows that most localities have seen price decline in case of RM properties


Capital values

Alaknanda 10648-15080 19000-31000 2.3%Chhattarpur 3324-5489 12000-19000 4.2%Chittaranjan Park 11045-18068 21000-33000 2.2%Defence Colony 21440-35684 33000-62000 2.00%Dilshad Garden 6148-9925 12000-18000 2.2%Dwarka Sector 6 6895-9527 11000-16000 2.00%Dwarka Sector 7 6927-9558 12000-17000 2.1%Dwarka Sector 10 7044-9649 11000-16000 2.00%Dwarka Sector 12 6877-9943 12000-17000 2.1%Dwarka Sector 19 6695-9546 11000-17000 2.1%Dwarka Sector 22 6989-10328 12000-18000 2.1%East of Kailash 14008-22251 21000-37000 1.9%Govindpuri Main 3316-5515 13000-21000 4.5%Greater Kailash 1 13666-22418 25000-42000 2.2%Greater Kailash 2 14655-24790 24000-42000 2.00%Green Park 15819-25273 24000-44000 2.00%Hauz Khas 16786-29244 25000-44000 1.8%Indraprastha Extn 8919-13051 16000-23000 2.1%Janakpuri 7134-12841 12000-21000 2.00%Kalkaji 9154-15556 19000-31000 2.4%Kirti Nagar 7248-12518 16000-23000 2.3%Krishna Nagar 4520-7864 12000-21000 3.2%Lajpat Nagar 10172-17691 21000-35000 2.4%Laxmi Nagar 4617-7179 15000-23000 3.9%Mahavir Enclave 3936-6171 11000-17000 3.3%Malviya Nagar 9489-15963 20000-32000 2.5%Mayur Vihar 1 9257-15132 19000-29000 2.4%Najafgarh 3748-6546 5000-9000 1.7%New Friends Colony 13011-22446 22000-39000 2.1%Pandav Nagar 4930-7554 14000-24000 3.7%Paschim Vihar 8735-13377 14000-21000 1.9%Patel Nagar 7780-12417 20000-32000 3.1%Patel Nagar West 7953-12857 20000-30000 2.9%Patparganj 8741-13463 16000-23000 2.1%Pitampura 7393-13754 15000-25000 2.3%Preet Vihar 9984-14226 15000-24000 1.9%Rajouri Garden 7749-12736 15000-25000 2.4%Ramesh Nagar 6694-10161 17000-26000 3.1%Rohini Sector 9 10335-16243 17000-25000 1.9%Rohini Sector 13 9678-15192 17000-26000 2.1%Safdarjung Enclave 15566-25501 23000-41000 1.9%Saket 14139-20833 21000-37000 2.00%Sarita Vihar 8133-12218 14000-21000 2.1%Tilak Nagar 4257-7094 14000-21000 3.7%Uttam Nagar 3215-5117 10000-16000 3.8%Uttam Nagar West 3203-4985 11000-16000 4.00%Vasant Kunj 10311-15923 21000-31000 2.4%Vasant Vihar 19771-35769 34000-59000 2.00%Vasundhara Enclave 7861-11454 15000-23000 2.4%Vikaspuri 7179-11626 12000-18000 1.9%

LOCALITY CAPITAL RENTAL YIELD


Capital values

Ardee City 4982-8033 13000-20000 3.00%Bestech Park View Spa Next 6913-8622 11000-16000 2.00%DLF City Phase 1 7699-13285 12000-23000 2.00%DLF City Phase 2 7414-12451 14000-24000 2.3%DLF City Phase 3 5730-10414 17000-29000 3.4%DLF City Phase 4 9879-12601 21000-31000 2.7%DLF City Phase 5 10377-13631 19000-31000 2.5%Golf Course Extension Road 6848-9677 13000-20000 2.5%Golf Course Road 9213-14690 17000-30000 2.4%Gurgaon - Faridabad Road 5555-7855 11000-20000 2.8%MG Road 10168-13172 20000-34000 2.8%Malibu Town 5978-9585 14000-22000 2.8%New Gurgaon 3850-5791 6000-10000 1.9%Nirvana Country 6824-9006 14000-21000 2.7%Palam Vihar 5408-9066 10000-18000 2.3%Sector 7 5445-10944 9000-16000 1.8%Sector 23 5883-11834 12000-20000 2.2%Sector 30 9698-13100 18000-27000 2.4%Sector 31 8116-12418 16000-24000 2.3%Sector 33 5982-8765 15000-23000 3.1%Sector 37C 3464-5215 7000-11000 2.6%Sector 40 5873-9854 13000-23000 2.8%Sector 43 9074-13443 18000-30000 2.5%Sector 45 5775-10330 13000-21000 2.5%Sector 46 4940-8692 13000-21000 2.9%Sector 47 6705-9956 14000-23000 2.7%Sector 48 7788-10519 15000-26000 2.7%Sector 49 7437-9790 14000-20000 2.3%Sector 50 6968-9378 14000-21000 2.6%Sector 51 6094-9266 13000-20000 2.6%Sector 52 5279-8525 11000-18000 2.5%Sector 54 10845-15286 19000-31000 2.3%Sector 56 5940-8332 12000-19000 2.6%Sector 57 6454-8887 12000-18000 2.3%Sector 66 7260-9622 13000-20000 2.4%Sector 67 6261-9583 12000-19000 2.4%Sector 69 4925-6520 10000-14000 2.5%Sector 70 5160-7438 10000-17000 2.6%Sector 81 4254-5994 7000-11000 2.00%Sector 82 4103-6036 6000-10000 2.00%Sector 83 4330-5883 5000-9000 1.7%Sector 86 3743-5300 5000-8000 1.7%Sohna Road 6130-9994 13000-21000 2.5%South City 1 6502-10733 13000-22000 2.4%South City 2 5470-9359 13000-23000 2.9%Suncity 9760-14281 16000-25000 2.00%Sushant Lok 1 6612-11034 14000-25000 2.6%Sushant Lok 2 5245-8533 11000-19000 2.7%Sushant Lok 3 5046-7931 12000-18000 2.8%


Alpha 2 5462-9269 8000-13000 1.7%Delta 1 6061-9613 8000-13000 1.6%Noida Extension 2790-4113 6000-10000 2.8%Sector 1 2860-3971 7000-10000 3%Yamuna Expressway 2660-4162 7000-10000 3%


Capital values

Noida Greater Noida Expwy 3915-6101 10000-16000 3.1%Sector 21 5992-8330 13000-20000 2.7%Sector 28 6633-10006 14000-22000 2.6%Sector 29 5962-9315 13000-20000 2.6%Sector 34 5694-8157 14000-20000 3.00%Sector 37 5985-9279 12000-20000 2.5%Sector 41 6895-13085 10000-15000 1.5%Sector 44 6561-9477 13000-22000 2.6%Sector 45 5297-7451 12000-17000 2.7%Sector 46 4596-5609 10000-15000 3.00%Sector 47 7025-13644 10000-16000 1.5%Sector 49 2592-4023 10000-15000 4.6%Sector 50 5713-8735 13000-20000 2.8%Sector 51 5333-7810 13000-18000 2.8%Sector 61 5789-8671 12000-19000 2.6%Sector 62 4905-6897 11000-18000 2.9%Sector 70 4411-5953 10000-15000 2.9%Sector 74 4298-5476 10000-13000 2.8%Sector 75 4125-5581 9000-14000 2.8%Sector 76 4408-5539 10000-14000 2.9%Sector 77 4609-6004 9000-14000 2.7%Sector 78 4544-6134 10000-14000 2.7%Sector 82 4381-6449 8000-14000 2.5%Sector 93 5155-8378 12000-19000 2.7%Sector 93A 5040-8086 12000-19000 2.8%Sector 93B 6333-9567 14000-19000 2.5%Sector 100 5030-6323 11000-16000 2.9%Sector 104 7119-9733 13000-17000 2.1%Sector 107 4912-6418 10000-14000 2.6%Sector 110 4296-5997 10000-14000 2.9%Sector 119 4151-5601 8000-12000 2.6%Sector 120 4267-5904 9000-13000 2.7%Sector 128 5002-8090 11000-17000 2.6%Sector 134 3728-5059 9000-13000 3.00%Sector 137 4365-5865 9000-14000 2.7%Sector 168 4129-5580 9000-14000 2.8%


Capital valuesGREATER NOIDA


Capital values

Aditya Mega City 3930-5657 9000-13000 2.8%Ahinsa Khand 2 4031-5774 9000-14000 2.8%Bhopura 2664-3705 7000-10000 3.00%Crossings Republik 2925-4134 6000-9000 2.5%Garhi 2356-3549 5000-8000 2.7%Gyan Khand 1 3531-4980 10000-16000 3.7%Gyan Khand 2 3547-5000 10000-16000 3.6%Indirapuram 4199-6464 10000-15000 2.8%Kaushambi 4594-7039 10000-18000 2.9%Mohan Nagar 3857-5582 8000-12000 2.6%Neeti Khand 1 3488-5001 11000-17000 3.9%Niti Khand-Indirapuram 3522-5235 11000-16000 3.7%Orange County 5424-7234 12000-18000 2.8%Raj Nagar Extn 2660-3927 5000-9000 2.6%Rajendra Nagar 3558-5464 8000-13000 2.8%Shakti Khand 3 3562-5143 11000-17000 3.9%Shakti Khand 4 3859-5476 10000-15000 3.2%Shipra Suncity 4620-6164 12000-19000 3.4%Vaibhav Khand 4248-6414 9000-15000 2.7%Vaishali Sector 4 3854-5813 12000-19000 3.8%Vaishali Sector 5 3901-5614 11000-18000 3.7%Vaishali Sector 6 3412-4891 12000-19000 4.4%Vasundhara Sector 1 3028-4737 9000-14000 3.5%Vasundhara Sector 3 3094-4791 8000-14000 3.4%


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D I S C L A I M E R

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FOREWORD - MagicBricksproperty.magicbricks.com/.../delhincr-oct-dec-2016.pdf · of the real estate market. Magicbricks publishes the quarter-on-quarter inflation and deflation trends

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